Company sells receipts at C$0.80 apiece via syndicate of underwriters
By Devika Patel
Knoxville, Tenn., April 28 - Hawk Exploration Ltd. said it has arranged a C$10 million private placement of subscription receipts. The deal will be conducted by a syndicate of underwriters led by National Bank Financial Inc. and including Fraser Mackenzie Ltd. and Haywood Securities Inc.
The company will sell 12.5 million receipts at C$0.80 apiece on a bought-deal basis. The price per receipt reflects a 5.88% discount to the April 27 closing share price of C$0.85.
Each receipt will convert into one class A share.
Annapolis Investment Ltd. Partnership V and Annapolis Investment (US) Ltd. Partnership V will invest C$8 million.
Settlement is expected May 18.
Proceeds will be used for development at Seagram Lake, other exploration and development prospects and general corporate purposes.
The oil and natural gas company is based in Calgary, Alta.
| Issuer: | Hawk Exploration Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$10 million
|
| Receipts: | 12.5 million
|
| Price: | C$0.80
|
| Warrants: | No
|
| Underwriters: | National Bank Financial Inc. (lead), Fraser Mackenzie Ltd. and Haywood Securities Inc.
|
| Investors: | Annapolis Investment Ltd. Partnership V and Annapolis Investment (US) Ltd. Partnership V (for C$8 million)
|
| Pricing date: | April 28
|
| Settlement date: | May 18
|
| Stock symbol: | TSX Venture: HWK.A
|
| Stock price: | C$0.85 at close April 27
|
| Market capitalization: | C$18.68 million
|
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